Nod for roads and airport
Print Edition
CHINA’S economic planner has approved the construction of 192 billion yuan (US$31 billion) of roads and an airport in the latest government effort to increase investment and support a slowing economy.
Five roads will be built in the Guangxi Zhuang Autonomous Region and Guangdong and Sichuan provinces, the National Development and Reform Commission said on its website.
The NDRC also said that 80 billion yuan would be invested in Beijing to build a third airport in the capital.
Investment is a crucial driver of the world’s second-largest economy, but it has slowed this year as authorities try to re-engineer the growth model by reducing inefficient state spending and encouraging domestic consumption.
Official data showed investment, which accounted for nearly 42 percent of China’s economic growth in the first nine months of this year, grew at its slowest pace in nearly 13 years between January and November at 15.8 percent.
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